International Energy Holding, Abu Dhabi-based Group grows its utilities portfolio
Multiply Group, an Abu Dhabi-based holding company, has acquired 80% of International Energy Holding.
They recently acquired a 50% stake in Kalyon Enerji Yatrimlari , a market leading clean and renewable energy company based in Turkey.
Under IEH, Multiply Group aims to continue expanding its utilities and energy investments globally.
“Our investment in International Energy Holding reflects our strategy to build up our utilities vertical which has contributed to our financial performance with steady income, considering the current macroeconomic backdrop,” affirmed Samia Bouazza, CEO and Managing Director, Multiply Group.
Multiply Group had recently invested AED 10bn (US$ 2.72bn) in a 7.3% stake in the Abu Dhabi National Energy Company (TAQA).
Other investments also include 100% ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry, and a AED 367mn (US$ 100mn) stake in the initial public offering of DEWA, the leading fully integrated utilities company.